Completed Journals Test. What are the advantages of using special journals?

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1 Advanced Accounting 1 Career Opportunities Recognize the different Workbook types of jobs. Define the education required for each. September Special Journals Discounts Bank Statement Journalize entries in the sales, sales returns & allowance, purchases, purchase returns & allowance, cash payments, cash receipts, & general journal. Calculate trade discounts. Determine due dates. Reconcile bank statements. Journalize entries to record service charges. Completed Journals Completed invoices Completed journals Bank reconciliation statement Journal entries What are the advantages of using special journals? Why is it important to take advantage of discounts? What criteria should you use when choosing a bank? Why do statements need to be reconciled? October Automated Accounting Record data on to input forms. Key data. Generate reports. Hard copy

2 October (continued) Advanced Accounting 2 Payroll Complete time cards. Time cards Why would someone Calculate regular pay, Commission records want to work on overtime pay, & gross pay. Paychecks commission? Analyze employee benefits What are some & calculate time coming. benefits? Calculate commissions. What are some costs? Write the paychecks. Payroll Register Employee Earnings Record Journal Entries Calculate gross pay, deductions, & net pay. Use tax table to calculate deductions. Transfer data from payroll register to individual records. Understand that not all income is subject to taxes. Record the salary expense & the payroll taxes expense entry. Calculate unemployment taxes. Payroll register Employee Earnings Record Why is accuracy regarding marital status important? Why is this document necessary? Where does the unemployment tax money go? November Automated Payroll Year-end Financial Statements Record data on to input forms. Key data. Generate reports, paychecks, & W-2 forms. Create a work sheet. Calculate adjustments. Create income statement, statement of stockholder s equity, & balance sheet. Hard copy Completed work sheet Completed financial statements Who uses financial statements?

3 Novemb er (cont.) Advanced Accounting 3 Adjusting & Closing Record the data in the Entries general journal. December January Automated Accounting Simulation Automated Accounting Simulation Voucher system Voucher Entries Identify source documents. Record information on to input forms. Print journals. Calculate payroll. Endorse checks for deposit. Identify source documents. Record information on to input forms. Print journals. Calculate payroll. Endorse checks for deposit. Explain the difference between a voucher system & other systems. Calculate data for the voucher. Complete the voucher. Record information in voucher register. Record purchase returns & allowance & payroll entries. Completed simulation Completed Galleria computer simulation Completed Voucher Completed Voucher Register Completed Voucher Register How do vouchers add protection to a financial system? Who should be involved in the process?

4 January (cont.) Advanced Accounting 4 Inventory Planning Distinguish between a sale Completed Inventory Why would a business & a consignment sale. Planning Tables take goods on Describe the difference consignment? between perpetual & periodic What criteria would be inventory counting. used to choose a Explain the difference valuation method? between FIFO, LIFO, & Weighted Average method. Calculate lower of cost or market & estimated market method. Inventory Ratios Calculate ratios Determine acceptable or not. Ratios w/documentation of Acceptability Why are ratios analyzed & by who? Automated Accounting for Inventory Record data on to input forms. Key data. Analyze reports. Hard copy s

5 February Advanced Accounting 5 Uncollectible Accounts Identify reasons to do credit Completed tables of What criteria is used to checks. uncollectible accounts determine a write-off What information should be Journal entries method? checked to get an accurate What are some credit credit picture? criteria? Calculate uncollectibles using different methods. Direct write-off method Percentage of sales method Percentage of accounts receivable method Aging of accounts receivable method Journalize entries to record the write off. Collecting Uncollectible Accounts Accounts Receivable Turnover Ratio Journalize entry to reinstate the debt. Journalize entry to record cash receipt Calculate the ratio Determine the acceptability of the ratio Journal entries Completed ratios Analysis of ratios Why would people pay a debt that was written off? How could the ratio be improved?.

6 February (cont.) Advanced Accounting 6 Plant Assets Calculate depreciation Completed depreciation Why are there several using straight-line method, tables depreciation methods? sum-of-the- digits, doubledeclining balanced method, & modified accelerated cost recovery system. Record the depreciation adjusting entries. Record purchase of plant assets. Record disposal of plant assets. Depletion Define depletion. Calculate depletion rate. Journalize entries. Depletion calculations What is depletion? Property Tax Automated Accounting Identify real & personal property. Define assessed value. Calculate property tax. Journalize tax entry. Record data on to input forms. Input data. Export data. Generate reports. Analyze reports. Response to verbal questions Completed tax charts Hard copy Who determines property value? Why is it an expense?

7 February (cont.) Advanced Accounting 7 Notes Payable & Accruals Calculate due dates & Completed tables with due Why does a company interest. dates & interest accrued borrow? Explain the difference between interest-bearing & discounted notes. Record adjusting & closing entries. Identify prepaid expenses. Explain the rationale for reversing entries. Record reversing entries. March Notes Receivable Capital Stock Concept Capital Stock Entries Calculate interest. Record entries for notes receivable, dishonored notes receivable, & payment of dishonored notes receivable. Record adjusting, closing, & reversing. Differentiate between preferred & common stock. Explain the Board of Directors & charters. Understand the difference between par & no-par value stock. Record sale of capital stock & stock subscriptions. Record the payment of dividends. Completed table with due dates & interest Workbook questions Classroom discussion Who would be allowed to do a long-term note? Why are voting rights important? Why would a stock be sold with no par value? What are subscriptions? Why are dividends paid?

8 March (cont.) Advanced Accounting 8 Capital Stock Entries Acquire additional stock by What criteria are used selling more stock or issuing to determine if a bond bonds. should be issued? Record the entries to Why would treasury acquire treasury stock. stock be purchased? Record the issuance & retiring of a bond. April Corporate Year End Adjustment Corporate Year End Adjustment Automated Accounting Calculate the adjusting entries. Prepare the work sheet. Create the financial statements. Calculate the adjusting, closing, & reversing entries. Create the financial statements. Review a federal corporate tax return. Record data on to journal input forms. Key data Analyze financial statements. Completed work sheet Completed financial statements Completed financial statements Hard copy What are organization costs? Why amoritize? Who uses the different financial statements? Who uses the different ratios?

9 May Advanced Accounting 9 Budget Forecasts Understand why Completed budget Where does all the businesses have to forecast schedules information come from? data. Completed income Why is forecasting Calculate budgets for sales, statement necessary? purchases, selling expenses, Completed performance How often should it be administrative expenses, report adjusted? cash receipts, cash Analysis of performance payments, & other report schedules. Create forecasted income statement. Prepare a performance report. Analyze a performance report. Break Even Point Analysis Sales Mix Recognize cost characteristics. Calculate total & variable costs. Calculate contribution margin & gross profit. Calculate breakeven point. Verify Breakeven point Calculate sales based on breakeven & planned net income. Identify the elements of a sales mix. Calculate contribution margin rate for products. Calculate product sales dollars. Completed calculations Completed break even analyses Completed calculations Analysis of calculations What are some examples of total variable costs? Why is it important to know breakeven point? What is sales mix?

10 May (cont.) Advanced Accounting 10 Trend Analysis Recognize the objectives Response to verbal What decisions are for financial analysis. questions based on trend analysis? List the sources used to do Completed calculations & Who sets performance analysis. analyses levels? Calculate trend analysis, ration analysis, & component percentage analysis. Identify acceptable level of performance. June Earnings Performance Analysis Efficiency Analysis Efficiency Analysis Short-term Financial Analysis Calculate ration earned on average total assets, rate earned on average stockholder s equity, rate earned on net sales, earnings per share, & price earnings ratio. Identify acceptable levels of performance. Calculate accounts receivable turnover ratio & merchandise turnover ratio. Identify acceptable levels of performance. Calculate short-term ratios. Calculate long-term ratios. Interpret acceptability. Calculate working capital, current ratio & acid-test ratio. Interpret acceptability. Completed calculations & analyses Completed calculations & analyses Completed ratio calculation Written analysis Completed ratio calculation Written analysis Who uses the results of performance analyses? Who uses the results of efficiency analyses? Who uses this data? Who sets acceptability standards? Who uses this data? Who sets acceptability standards?

11 Advanced Accounting 11 Long-term Financial Analysis June (cont.) Calculate debt ratio, equity ratio, & equity per share. Interpret acceptability. Completed ratio calculation Written analysis Who uses this data? Who sets acceptability standards?

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